PT could make counter bid for Sonaecom

15 Jan 2007

A Portugal Telecom (PT) executive has said his company may launch a counter bid for Sonaecom if that firm’s proposed hostile takeover of PT fails. Jornal de Negócios quotes PT vice-chairman Zeinal Bava, who says the telco is studying all possibilities, including a counter bid for its smaller rival Sonaecom. Meanwhile, Sonaecom has placed a EUR750 million (USD968.9 million) deposit with Banco Comercial Português as part of the guarantee for its takeover bid. AFX reports that Sonaecom is raising EUR10.7 billion financing, all of which is coming from foreign banks such as Santander, Banca IMI, BNP Paribas and Société Générale.

Portugal, Optimus (Clix)